AMERICAS OIL: US Close Oil Summary: Oil Complex Continues Climb
Aug-21 18:20
WTI is headed for close trading higher again today, extending yesterday’s rally following a larger-than-expected US crude drawdown and signs of strong demand. Ongoing uncertainty around progress towards a peace deal in Ukraine weighed against market oversupply risks.
- Cracks are rising on the back of stronger product pricing amid refinery disruption in recent days.
- WTI OCT 25 up 1.5% at 63.63$/bbl
- WTI OCT 25-NOV 25 up 0.04$/bbl at 0.43$/bbl
- US gasoline crack up 0.4$/bbl at 19.81$/bbl
- US ULSD crack up 1.2$/bbl at 33.78$/bbl
- US President Trump seemingly hinted at increased military support for Ukraine in a Truth Social post amid an ebb in optimism that the White House will deliver substantial progress towards a Ukraine peace agreement.
- Senior White House Trade Counsellor Peter Navarro has spoken briefly to reporters at the White House on issues related to trade.
- BP’s 440k b/d Whiting refinery was in the process of restarting after floods disrupted operations earlier this week, IIR said on Wednesday, cited by Reuters.
- The Trump Administration is expected to rule on a backlog of 195 small refinery exemption requests filed under a US biofuel law dating back to 2016 as early as Friday, but will delay a decision on whether larger refiners should compensate for some exempt gallons, according to Reuters
- The North Dakota Industrial Commission announced their support for future WBI Energy Transmission projects.
- Hurricane Erin is now forecast to move south of oil platforms off the coast of Newfoundland, according to US National Hurricane Centre, cited by Bloomberg.
- Two China-based crude oil and petroleum products terminal and storage operators were sanctioned by the State Department today.
- Petroecuador is exporting 8.6m bbl of Oriente crude to Unipec America and PetroChina, Bloomberg said.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
ECB: BofA See The ECB Having Perfect Cover To Defer Action To September
Jul-22 18:17
- BofA expect "no change in policy rates and only fine-tuning in communication" with Thursday's ECB decision.
- “Lagarde will have to acknowledge how recent developments have heightened the risks already flagged in the June meeting. But she will insist on the ECB being in a good position to navigate the uncertain conditions coming up. She is likely to remain firm on deciding meeting-by-meeting and not pre-committing.”
- “Most developments since June would suggest more disinflation ahead, with increased risks of a persistent inflation undershoot. However, the lack of urgency shown in June, together with no major surprises in either activity or inflation data, a bit more frontloaded German fiscal stimulus and renewed uncertainty, all provide the perfect cover for the next forecasting exercise being the right time to take further decisions.”
- “Come September it will be harder for them to claim they are in a good position. The new set of forecasts will struggle to keep 2027 inflation at 2%, while we doubt trade developments will be better than what is already assumed in ECB forecasts.”
- “Absent major surprises in real rates or the currency, we still have strong conviction in the ECB cutting then and again in December.”
US: US Pres Trump via Truth Social on Lawsuits vs. Media Companies
Jul-22 18:15
- Donald J. Trump @realDonaldTrump
- BREAKING NEWS! We have just achieved a BIG AND IMPORTANT WIN in our Historic Lawsuit against 60 Minutes, CBS, and Paramount. Just like ABC and George Slopadopoulos, CBS and its Corporate Owners knew that they defrauded the American People, and were desperate to settle. Paramount/CBS/60 Minutes have today paid $16 Million Dollars in settlement, and we also anticipate receiving $20 Million Dollars more from the new Owners, in Advertising, PSAs, or similar Programming, for a total of over $36 Million Dollars. This is another in a long line of VICTORIES over the Fake News Media, who we are holding to account for their widespread fraud and deceit. The Wall Street Journal, The Failing New York Times, The Washington Post, MSDNC, CNN, and all other Mainstream Media Liars, are ON NOTICE that the days of them being allowed to deceive the American People are OVER. MAKE AMERICA GREAT AGAIN!
MNI EXCLUSIVE: Ex-BOC Adviser On Canadian Monetary Policy Outlook
Jul-22 18:12
MNI interviews former BOC adviser on Canadian monetary policy outlook, framework -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
